So i got WiiBrew as my homepage and I opened it up this morning, so i was all like yay 3.4. The message says "Notice: At this time, WiiBrew recommends that you do not update your Wii through Nintendo, as it disables some homebrew (DVDx, PatchMii). Recent reports suggest System Menu 3.4 removes all custom channels.
There is no way to install a patched version of System Menu 3.4 currently." (Wiibrew.org)

Oh yea and dont install the Nintendo Channel, its probably Nintendo's way to spy on you are something. If you have already and dont want to be believe me there is a update for Nintendo Channel, install it if you are NOT a homebrew user....